Moody’s changes Kuwait Projects view to stable

Moody's Investors Service said it changed the outlook on Kuwait Projects Co. (Holding) KSC’s (Kipco) Baa3 long-term issuer rating and P-3 short-term issuer rating to stable from negative.

Concurrently, Moody's stabilized the outlook on the Baa3 debt instrument ratings on bonds (due in 2016, 2019 and 2020) issued by Kuwait Projects Co. (Cayman) under a $2 billion euro medium-term note program, as well as the issuer's provisional Baa3/provisional Prime-3 ratings. These ratings were affirmed.

"The stable outlook and affirmations are prompted by Kipco's successful efforts to de-lever, persistent improvements in the financial performance of its media assets and the company's efforts to proactively pre-fund debt maturities," Martin Kohlhase, a Moody's vice president, senior credit officer and local market analyst for Kipco, said in a news release.

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